Stronger Relationship with Clients
Today more than ever, it’s all about relationships. Part of building a successful, lasting business relationship is becoming the subject expert and then the preferred source of your product or service. Originating mortgages and the training, knowledge, and experience you will gain will inherently make you an expert in the complete home buying experience. The one source that people can turn to for all Real Estate needs.
Competitive Advantage
Offering mortgage services to your clients and prospects gives you a clear advantage over real estate agents that don’t. This gives you an additional reason for a prospect to choose to work with you over other real estate agents. Even if a client elects not to utilize your ability to originate their mortgage, there is still a clear advantage that comes with the knowledge and experience that you can provide to them, free of charge (of course you still retain the income from the home sale). What client wouldn’t like a qualified professional with experience and training in the mortgage industry to offer a free review of the terms that they have been offered?
Additional Income Opportunity – Ability to Earn Additional Income, Including After the Home Sale
In today’s competitive real estate market, every advantage helps, and of course every dollar counts! Obviously you would earn additional income that the loan officer would normally earn on every loan that you close, but what about after the sale is completed?
With the right training, you will have the ability to earn additional income after the home sale, through refinance or home equity transactions as well. Your past customer database could be a potential goldmine of home loans that are ready to be closed.
More Control of Your Home Sales
You no longer need to worry about a deal that you are working going bad due to financing issues that your client or the loan officer decides not to tell you about until the last minute. Being directly involved and legally authorized, you will generally know if there are any loan level issues at the time they happen. You will also be involved in the solution process.
Additional Sales Techniques – Sell Payments
Have you ever purchased an item that required financing with out knowing what the payments would be? Do your buyers? By providing mortgage origination services, with the right company, you will be able to discuss payments and payment options that the buyer many not have discussed with any one else. After all, the loan officer at XYZ Bank didn’t see that “this is the home I HAVE to have” look in their eyes.
How many times have you lost a deal because it turned out that the payments on the home that they loved were too high? Or they couldn’t come up with the required down payment? And of course, now that they found their “dream home” they don’t want to go back and look at the one that they can afford.
Showing and explaining to a borrower a home loan program that lets them make a minimum payment each month, that they can afford, could empower them to get into their dream home. If nothing else, you know that you were able to show your buyer a way for them to have the home that they really want.
Additional Sales
As every quality salesperson knows, every contact is an opportunity for a sale. Whether it’s a home sale or listing from the person calling you, or a referral, the opportunity is there. By adding mortgage origination services to your arsenal, you not only have another service to offer, but another reason for prospects to contact you. Of course, letting your past home buyers know about your addition of mortgage origination, is a great way to keep in touch. This all leads to additional contacts, which in turn leads to additional sales.
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